TRIG eyes GBP 171m cash boost to cut debt, back wind acquisitions

Whitelee wind farm in Scotland. Author: ms.akr. License: Creative Commons, Attribution 2.0 Generic

March 8 (Renewables Now) - The Renewables Infrastructure Group Ltd (LON:TRIG), or TRIG, said on Thursday it will seek to raise up to GBP 171 million (USD 223.8m/EUR 199.7m) gross from selling new ordinary shares.

The offering will be part of the company’s share issuance programme allowing the sale of up to 450 million of new stock in the period between March 7, 2019, and March 6, 2020. The new placement will include the sale of up to 150 million new ordinary shares at GBP 1.14 apiece. The price is equal to a 4% discount to the middle market closing price of GBP 1.19 of TRIG’s shares on March 6.

Funds from the sale will be mainly used to repay debt under TRIG’s revolving acquisition facility and cover outstanding investment commitments the company plans to make. Those commitments include the acquisition of a 75% interest in the 171.8-MW Ertrask wind farm in Sweden and construction of the 30-MW Solwaybank wind project in Scotland. Last month, the UK firm also agreed to acquire from Swedish developers Arise AB (STO:ARISE) and Sydvastanvind AB the 212.9-MW Jadraas wind farm in Sweden.

The initial placing for the 150 million shares will be open until 27 March, with results to be announced on the next day. The stock is expected to start trading on the London bourse on or around April 1.

(GBP 1.0 = USD 1.308/EUR 1.168)

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